Worth Watching: Does ConnectOne Bancorp Inc Have More Gas After Reaching All-Time High?

November 21, 2016November 21, 2016Nellie Frank

The stock of ConnectOne Bancorp Inc (NASDAQ:CNOB) reached all time high today, Nov, 21 and still has $38.84 target or 66.00% above today’s $23.40 share price. This indicates more upside for the $755.64 million company. This technical setup was reported by Barchart.com. If the $38.84 PT is reached, the company will be worth $498.72M more.
Trading stocks at an all time highs is usually a winning strategy. An all time high points to a stock which has the most positive fundamentals ever. Even thought the pullback rate is high, if correct risk management is utilized, investors can trade very well such events. The stock decreased 2.09% or $0.5 during the last trading session, hitting $23.4. About 82,099 shares traded hands or 16.65% up from the average. ConnectOne Bancorp Inc (NASDAQ:CNOB) has risen 43.54% since April 19, 2016 and is uptrending. It has outperformed by 39.68% the S&P500.

ConnectOne Bancorp Inc (NASDAQ:CNOB) Ratings Coverage

Out of 4 analysts covering Connectone Bancorp (NASDAQ:CNOB), 4 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Connectone Bancorp has been the topic of 6 analyst reports since July 29, 2015 according to StockzIntelligence Inc. As per Tuesday, December 15, the company rating was initiated by Maxim Group. The firm earned “Overweight” rating on Monday, March 7 by Piper Jaffray. FBR Capital maintained ConnectOne Bancorp Inc (NASDAQ:CNOB) rating on Thursday, November 17. FBR Capital has “Outperform” rating and $26 price target. The firm has “Sell” rating given on Monday, August 10 by Zacks.

According to Zacks Investment Research, “ConnectOne Bancorp, Inc. is a community-based, full-service commercial bank holding company. The Bank offers a range of lending, depository and related financial services to commercial, industrial and governmental customers. ConnectOne provides secured and unsecured loans, mortgage loans, home equity lines of credit, short and medium term loans, lines of credit, letters of credit, working capital loans, and real estate construction loans, as well as collection services, wire transfers, night depository, and lock box services. The Bank, through its subsidiary, provides financial services, including brokerage services, insurance and annuities, mutual funds and financial planning. It also offers various money market services. ConnectOne Bancorp, Inc., formerly known as Center Bancorp, Inc., is based in Englewood Cliffs, New Jersey.”

Insitutional Activity: The institutional sentiment decreased to 1.11 in Q2 2016. Its down 0.89, from 2 in 2016Q1. The ratio turned negative, as 3 funds sold all ConnectOne Bancorp Inc shares owned while 23 reduced positions. 15 funds bought stakes while 37 increased positions. They now own 18.68 million shares or 0.53% more from 18.58 million shares in 2016Q1.
Guggenheim Ltd Co holds 0% or 68,931 shares in its portfolio. Great West Life Assurance Com Can, a Manitoba – Canada-based fund reported 4,541 shares. Moreover, Morgan Stanley has 0% invested in ConnectOne Bancorp Inc (NASDAQ:CNOB) for 31,466 shares. First Advsr Lp owns 29,804 shares or 0% of their US portfolio. Moreover, Palouse Mngmt Incorporated has 0.09% invested in ConnectOne Bancorp Inc (NASDAQ:CNOB) for 13,790 shares. Zurcher Kantonalbank (Zurich Cantonalbank) last reported 1,881 shares in the company. American Intll Grp last reported 0% of its portfolio in the stock. Moreover, Schwab Charles Invest Mngmt Inc has 0% invested in ConnectOne Bancorp Inc (NASDAQ:CNOB) for 46,340 shares. The New Jersey-based Blackrock Investment Mngmt Limited Liability has invested 0% in ConnectOne Bancorp Inc (NASDAQ:CNOB). Voya Ltd Liability Corporation has invested 0% of its portfolio in ConnectOne Bancorp Inc (NASDAQ:CNOB). Wells Fargo And Company Mn, a California-based fund reported 363,777 shares. Moreover, Brandywine Glob Mngmt Limited Co has 0% invested in ConnectOne Bancorp Inc (NASDAQ:CNOB) for 10,900 shares. Brown Advisory reported 938,976 shares or 0.05% of all its holdings. Invest Counselors Of Maryland Lc last reported 0.86% of its portfolio in the stock. Tiaa Cref Mgmt Limited Liability last reported 139,953 shares in the company.

More recent ConnectOne Bancorp Inc (NASDAQ:CNOB) news were published by: Marketwatch.com which released: “ConnectOne Bancorp started at outperform with $21 stock price target at FBR & Co.” on March 11, 2013. Also Globenewswire.com published the news titled: “Center Bancorp, Inc. and ConnectOne Bancorp, Inc. to Merge, Creating New …” on January 21, 2014. Globenewswire.com‘s news article titled: “ConnectOne Bancorp, Inc. Completes Merger” with publication date: July 01, 2014 was also an interesting one.

CNOB Company Profile

ConnectOne Bancorp, Inc., incorporated on November 12, 1982, is a bank holding firm of ConnectOne Bank (the Bank), a New Jersey-chartered commercial bank. The Firm operates in community bank segment. The Bank offers a range of deposit and loan products, and services to the general public, small and middle-sized businesses, local professionals, and individuals residing, working and conducting business in its trade area. The Bank, through its subsidiary, Center Financial Group LLC, provides financial services, including brokerage services, insurance and annuities, mutual funds and financial planning. The Bank’s services and products include personal and business checking accounts, retirement accounts, money market accounts, time and savings accounts, credit cards, wire transfers, access to automated teller services, Internet banking, Treasury Direct, ACH origination, lockbox services and mobile banking by phone. It offers safe deposit boxes. The Bank also offers remote deposit capture banking for both retail and business customers, providing the ability to electronically scan and transmit checks for deposit. The Company’s banking offices are located in Bergen, Union, Morris, Essex, Hudson, Mercer and Monmouth Counties in New Jersey and in the borough of Manhattan, in New York City, which include some markets in the United States.